7427 FM 1488 Rd
Magnolia, TX 77354
1488 Storage · Specialty Property For Sale · 7,100 SF

1488 Storage is a 7,100 rentable-square foot storage facility located in Magnolia (North Houston), TX. The facility was constructed in 1998 and is comprised of 57 non-climate controlled units. Features include surveillance cameras, key-pad gated entry, perimeter fencing and lighting. The property is located in a thriving area, surrounded by residential communities such as the award winning master planned community, The Woodlands. Visibility is excellent, with frontage along a busy, major thoroughfare upon which approximately 30,000 vehicles travel per day. Within a 3-mile radius, total population exceeds 47,000 with projections to grow over 15% by 2024 to over 54,000. Current net rentable square feet per capita is 13.59. Median household income is approximately $130,000.00. The current owner has used the property as a feeder for their other locations resulting in the low physical (58%) and economic occupancy (50%). It is reasonable to expect that upon acquisition; a new operator will be in a unique position to utilize the excellent location, market conditions and demographics found in the affluent sub-market to increase occupancy and raise rents upon stabilization resulting in increased profitability. With a new operator that will bring focused thought and effort in areas such as revenue management, expense analysis, marketing and managerial theory, opportunities overflow with this value-add property. Not to mention additional potential upside if the new operator is able to redevelop into a multi-story facility after a few years of holding.